US Premarket: GameStop, Seagen, Nio and other stocks making biggest moves

GameStop (GME)

GameStop shares surged 7.8% in premarket trading after the videogame retailer announced a 4-for-1 stock split. Trading on a split-adjusted basis will begin on July 22.

Bed Bath & Beyond (BBBY)

Bed Bath & Beyond surged 6% in premarket trading following the disclosure of several insider purchases. Interim CEO Sue Gove purchased 50,000 shares of the housewares retailer’s stock, while board members Harriet Edelman and Jeff Kirwan each acquired 10,000 shares.

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Helen of Troy (HELE)

Shares of the healthcare and beauty products company plunged 6.7% in the premarket action after reporting an adjusted quarterly profit of $2.41 per share, beating the $2.16 consensus estimate, with revenue also topping analyst forecasts. However, the company cited a slowdown in demand in some of its categories, as consumers shift spending patterns to deal with inflation, and slash its full-year outlook.

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Seagen (SGEN)

Seagen rallied 4.5% in the premarket after the Wall Street Journal reported that Merck (MRK) is in advanced talks to acquire the biotech company for over $200 per share, or around $40 billion.

Virgin Galactic (SPCE)

Shares of the space tourism company gained 3.7% in premarket trading after it announced a partnership with a Boeing (BA) subsidiary to build motherships that carry Virgin rocket ships aloft.

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Meridian Bioscience (VIVO)

Shares of diagnostic test kits maker fell 0.86% in the premarket after it agreed to be bought by a consortium consisting of Korean diagnostics company SD Biosensor and Korean private equity firm SJL Partners for $34 per share in cash, or about $1.5 billion.

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Boston Beer (SAM)

Boston Beer fell 0.91% in the premarket after it was downgraded to “sector perform” from “outperform” at RBC Capital Markets. It expects the brewer of Sam Adams beer and Truly hard seltzer to reduce its volume guidance once again.

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Chinese EV Makers

Shares of China-based electric vehicle makers increased after a government official said they would consider extending a tax break for EV buyers. Xpeng (XPEV) jumped 3.3%, Li Auto (LI) increase 1%, and Nio (NIO) up by 1.5%.